0001437749-24-033403 | 10-Q | XBRL Viewer

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	*Nine Months Ended September 30,*
	*2024*			*2023*
	(in thousands)
Beginning Balance	$	(23,991	)	$	(36,515	)

Other comprehensive (loss) income before reclassification		17,265			(8,453	)
Federal income tax expense (benefit)		(3,626	)		1,775
Other comprehensive (loss) income before reclassification, net of tax		13,639			(6,678	)

Amounts reclassified from AOCI		270			(36	)
Federal income tax expense (benefit)		(57	)		8
Amounts reclassified from AOCI, net of tax		213			(28	)

Other comprehensive (loss) income		13,852			(6,706	)
Balance at end of period	$	(10,139	)	$	(43,221	)

Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Operating activities
Net cash provided by operating activities	$ 188,520	$ 93,836
Investing activities
Purchases of property and equipment	(194)	(15)
Capitalized software costs	(4,115)	(5,324)
Purchases of fixed maturity securities	(448,968)	(190,560)
Purchases of equity securities	(202)	(945)
Purchase of equity method investment	0	(3,000)
Sales and maturities of fixed maturity securities	227,748	104,505
Sales of equity securities	9,014	295
Change in securities receivable or payable, net	(2,960)	(3,576)
Investments in limited partnerships	(5,207)	0
Acquisitions, net of cash acquired	0	(5,536)
Net cash used in investing activities	(224,884)	(104,156)
Financing activities
Net (payments on) proceeds from line of credit	(52,600)	16,200
Proceeds from stock offering, net of offering costs	115,724	0
Proceeds from common stock issued via employee stock purchase plan	902	799
Proceeds from common stock issued via stock option exercises	5,033	579
Policy holder contribution to surplus	2,037	0
Repurchases of common stock	0	(22,134)
Net cash provided by (used in) financing activities	71,096	(4,556)
Net increase (decrease) in cash, cash equivalents and restricted cash	34,732	(14,876)
Cash, cash equivalents and restricted cash at beginning of period	51,852	68,164
Cash, cash equivalents and restricted cash at end of period	86,584	53,288
Supplementary cash flow information:
Cash paid for income taxes	29,299	21,093
Cash paid for interest	968	2,428
Cash and cash equivalents	86,479
Restricted cash	105
Cash and cash equivalents and restricted cash	$ 86,584	$ 53,288

Note 3 - Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

September 30, 2024	*Level 1*		*Level 2*		*Level 3*		*Total*
	(in thousands)
Assets:
Fixed maturity securities
U.S. Governments	$	—	$	32,195	$	—	$	32,195
U.S. States, Territories, and Political Subdivisions		—		10,042		—		10,042
Special revenue excluding mortgage/asset-backed securities		—		28,060		—		28,060
Corporate and other		—		462,082		—		462,082
Mortgage/asset-backed securities		—		350,601		—		350,601
Equity securities		40,196		—		—		40,196
Cash, cash equivalents, and restricted cash		86,584		—		—		86,584
Total assets	$	126,780	$	882,980	$	—	$	1,009,760

December 31, 2023	*Level 1*		*Level 2*		*Level 3*		*Total*
	(in thousands)
Assets:
Fixed maturity securities
U.S. Governments	$	—	$	39,420	$	—	$	39,420
U.S. States, Territories, and Political Subdivisions		—		9,902		—		9,902
Special revenue excluding mortgage/asset-backed securities		—		29,511		—		29,511
Corporate and other		—		300,239		—		300,239
Mortgage/asset-backed securities		—		264,727		—		264,727
Equity securities		43,160		—		—		43,160
Cash, cash equivalents, and restricted cash		51,852		—		—		51,852
Total assets	$	95,012	$	643,799	$	—	$	738,811

Note 3 - Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale	$ 882,980	$ 643,799
Equity securities	40,196	43,160
US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-sale	32,195	39,420
US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-sale	10,042	9,902
Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-sale	28,060	29,511
Corporate Debt Securities and Other Debt Obligations [Member]
Debt Securities, Available-for-sale	462,082	300,239
Asset-Backed Securities [Member]
Debt Securities, Available-for-sale	350,601	264,727
Fair Value, Recurring [Member]
Equity securities	40,196	43,160
Cash, cash equivalents, and restricted cash	86,584	51,852
Total assets	1,009,760	738,811
Fair Value, Recurring [Member] \| US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-sale	32,195	39,420
Fair Value, Recurring [Member] \| US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-sale	10,042	9,902
Fair Value, Recurring [Member] \| Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-sale	28,060	29,511
Fair Value, Recurring [Member] \| Corporate Debt Securities and Other Debt Obligations [Member]
Debt Securities, Available-for-sale	462,082	300,239
Fair Value, Recurring [Member] \| Asset-Backed Securities [Member]
Debt Securities, Available-for-sale	350,601	264,727
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Equity securities	40,196	43,160
Cash, cash equivalents, and restricted cash	86,584	51,852
Total assets	126,780	95,012
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Corporate Debt Securities and Other Debt Obligations [Member]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Asset-Backed Securities [Member]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Equity securities	0	0
Cash, cash equivalents, and restricted cash	0	0
Total assets	882,980	643,799
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-sale	32,195	39,420
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-sale	10,042	9,902
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-sale	28,060	29,511
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities and Other Debt Obligations [Member]
Debt Securities, Available-for-sale	462,082	300,239
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Asset-Backed Securities [Member]
Debt Securities, Available-for-sale	350,601	264,727
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Equity securities	0	0
Cash, cash equivalents, and restricted cash	0	0
Total assets	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Corporate Debt Securities and Other Debt Obligations [Member]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Asset-Backed Securities [Member]
Debt Securities, Available-for-sale	$ 0	$ 0

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024	Sep. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		Item 5. Other Information Rule 10b5-1 Trading Plans During the quarter ended September 30, 2024, none of our directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false

Note 5 - Stockholders' Equity - Summary of RSU Transactions (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Outstanding, shares (in shares) \| shares	332,077
Outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 61.07
Granted, shares (in shares) \| shares	136,556
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 68.13
Released, shares (in shares) \| shares	(114,432)
Released, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 58.94
Forfeited, shares (in shares) \| shares	(13,302)
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 53.85
Non-vested, shares (in shares) \| shares	340,899
Non-vested outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 64.9

Note 8 - Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Text Block]

8. Income Taxes

The Company calculates its tax provision in interim periods using its best estimate of the effective tax rate expected for the full year. During the three months ended September 30, 2024, the Company’s income tax rate of 20.8% was lower than the statutory rate of 21% due primarily to the tax impact of the permanent component of employee stock option exercises. During the three months ended September 30, 2023, the Company’s income tax rate of 24.9% was higher than the statutory rate of 21% due primarily to non-deductible executive compensation expense.

For the nine months ended September 30, 2024, the Company’s tax rate of 22.2% was higher than the statutory rate due primarily to non-deductible executive compensation expense. For the nine months ended September 30, 2023, the Company’s tax rate of 24.0% was higher than the statutory rate also due primarily to non-deductible executive compensation expense.

The entire disclosure for income tax.

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Note 2 - Investments - The Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Due within one year, Amortized Cost	$ 80,152
Due within one year, Fair Value	78,731
Due after one year through five years, Amortized Cost	183,202
Due after one year through five years, Fair Value	180,227
Due after five years through ten years, Amortized Cost	176,607
Due after five years through ten years, Fair Value	172,654
Due after ten years, Amortized Cost	101,538
Due after ten years, Fair Value	100,767
Mortgage and asset-backed securities, Amortized Cost	355,276
Mortgage and asset-backed securities, Fair Value	350,601
Amortized Cost	896,775	$ 675,130
Total, Fair Value	$ 882,980	$ 643,799

Note 2 - Investments (Details Textual) $ in Thousands	3 Months Ended	9 Months Ended
Note 2 - Investments (Details Textual) $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions	399	399		483
Debt Securities, Available-for-Sale, Unrealized Loss Position	$ 387,469	$ 387,469		$ 450,989
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss	23,581	23,581		34,303
Proceeds from Sale of Debt Securities, Available-for-Sale	3,200	5,400	$ 9,800
Debt Securities, Available-for-Sale	882,980	882,980		643,799
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	50,100	50,100
Securities on Deposit With State Regulatory Authorities [Member]
Debt Securities, Available-for-Sale	$ 7,800	$ 7,800		$ 8,600

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Note 3 - Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Text Block]

3. Fair Value Measurements

Fair value is defined as the price that the Company would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment.

The three‑tier hierarchy of inputs is summarized in the three broad levels listed below:

Level 1—Unadjusted quoted prices are available in active markets for identical investments as of the reporting date.

Level 2—Pricing inputs are quoted prices for similar investments in active markets; quoted prices for identical or similar investments in inactive markets; or valuations based on models where the significant inputs are observable or can be corroborated by observable market data.

Level 3—Pricing inputs into models are unobservable for the investment. The unobservable inputs require significant management judgment or estimation.

To measure fair value, the Company obtains quoted market prices for its investment securities from its outside investment managers. If a quoted market price is not available, the Company uses prices of similar securities. The fair values obtained from the outside investment managers are reviewed for reasonableness and any discrepancies are investigated for final valuation.

The fair value of the Company’s investments in fixed maturity securities is estimated using relevant inputs, including available market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. An Option Adjusted Spread model is also used to develop prepayment and interest rate scenarios. Industry standard models are used to analyze and value securities with embedded options or prepayment sensitivities. These fair value measurements are estimated based on observable, objectively verifiable market information rather than market quotes. Therefore, these investments are classified and disclosed in Level 2 of the hierarchy.

The following tables present the hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023.

September 30, 2024	*Level 1*		*Level 2*		*Level 3*		*Total*
	(in thousands)
Assets:
Fixed maturity securities
U.S. Governments	$	—	$	32,195	$	—	$	32,195
U.S. States, Territories, and Political Subdivisions		—		10,042		—		10,042
Special revenue excluding mortgage/asset-backed securities		—		28,060		—		28,060
Corporate and other		—		462,082		—		462,082
Mortgage/asset-backed securities		—		350,601		—		350,601
Equity securities		40,196		—		—		40,196
Cash, cash equivalents, and restricted cash		86,584		—		—		86,584
Total assets	$	126,780	$	882,980	$	—	$	1,009,760

December 31, 2023	*Level 1*		*Level 2*		*Level 3*		*Total*
	(in thousands)
Assets:
Fixed maturity securities
U.S. Governments	$	—	$	39,420	$	—	$	39,420
U.S. States, Territories, and Political Subdivisions		—		9,902		—		9,902
Special revenue excluding mortgage/asset-backed securities		—		29,511		—		29,511
Corporate and other		—		300,239		—		300,239
Mortgage/asset-backed securities		—		264,727		—		264,727
Equity securities		43,160		—		—		43,160
Cash, cash equivalents, and restricted cash		51,852		—		—		51,852
Total assets	$	95,012	$	643,799	$	—	$	738,811

The carrying amounts of financial assets and liabilities reported in the accompanying condensed consolidated balance sheet including cash and cash equivalents, restricted cash, receivables, reinsurance recoverable, and accounts payable and other accrued liabilities approximate fair value due to their short term‑maturity. The carrying amount of any borrowings under the Federal Home Loan Bank (“FHLB”) line of credit and U.S. Bank credit agreement (the “Credit Agreement”) approximate fair value as the credit agreements have variable rates which frequently reprice at market rates.

Transfers between Level 3 and Level 2 securities result from changes in the availability of observable market inputs and are recorded at the beginning of the reporting period. As of September 30, 2024 and December 31, 2023, the Company had no fixed income securities classified as Level 3.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Note 7 - Underwriting Information - Schedule of Gross Written Premiums (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Gross written premiums	$ 414,977,000	$ 313,998,000	$ 1,168,239,000	$ 838,406,000
Percentage of Gross Written Premiums	100.00%	100.00%	100.00%	100.00%
Palomar Specialty Insurance Company [Member]
Gross written premiums	$ 236,624,000	$ 186,693,000	$ 652,988,000	$ 497,216,000
Percentage of Gross Written Premiums	57.00%	59.50%	55.90%	59.30%
Palomar Excess And Surplus Insurance Company [Member]
Gross written premiums	$ 159,305,000	$ 127,305,000	$ 472,909,000	$ 341,190,000
Percentage of Gross Written Premiums	38.40%	40.50%	40.50%	40.70%
Laulima Insurance Company [Member]
Gross written premiums	$ 19,048,000	$ 0	$ 42,342,000	$ 0
Percentage of Gross Written Premiums	4.60%	0.00%	3.60%	0.00%
CALIFORNIA
Gross written premiums	$ 170,265,000	$ 163,806,000	$ 510,879,000	$ 450,752,000
Percentage of Gross Written Premiums	41.00%	52.20%	43.70%	53.80%
TEXAS
Gross written premiums	$ 27,019,000	$ 24,336,000	$ 96,414,000	$ 72,777,000
Percentage of Gross Written Premiums	6.50%	7.80%	8.30%	8.70%
HAWAII
Gross written premiums	$ 23,171,000	$ 13,490,000	$ 53,922,000	$ 35,824,000
Percentage of Gross Written Premiums	5.60%	4.30%	4.60%	4.30%
NORTH DAKOTA
Gross written premiums	$ 18,716,000	$ 2,898,000	$ 19,893,000	$ 3,326,000
Percentage of Gross Written Premiums	4.50%	0.90%	1.70%	0.40%
WASHINGTON
Gross written premiums	$ 16,828,000	$ 17,792,000	$ 41,893,000	$ 43,409,000
Percentage of Gross Written Premiums	4.10%	5.70%	3.60%	5.20%
WISCONSIN
Gross written premiums	$ 15,519	$ 1,211	$ 17,374	$ 3,095
Percentage of Gross Written Premiums	3.70%	0.40%	1.50%	0.40%
FLORIDA
Gross written premiums	$ 14,433,000	$ 11,549,000	$ 58,153,000	$ 36,309,000
Percentage of Gross Written Premiums	3.50%	3.70%	5.00%	4.30%
OREGON
Gross written premiums	$ 8,402,000	$ 8,536,000	$ 21,253,000	$ 21,223,000
Percentage of Gross Written Premiums	2.00%	2.70%	1.80%	2.50%
Other States [Member]
Gross written premiums	$ 120,624,000	$ 70,380,000	$ 348,458,000	$ 171,691,000
Percentage of Gross Written Premiums	29.10%	22.40%	29.80%	20.50%
Earthquake Premiums [Member]
Gross written premiums	$ 135,329,000	$ 113,386,000	$ 376,088,000	$ 314,810,000
Percentage of Gross Written Premiums	32.60%	36.10%	32.20%	37.50%
Fronting Premium [Member]
Gross written premiums	$ 84,945,000	$ 94,954,000	$ 275,671,000	$ 266,433,000
Percentage of Gross Written Premiums	20.50%	30.20%	23.60%	31.80%
Inland Marine and Other Property [Member]
Gross written premiums	$ 78,734,000	$ 64,499,000	$ 249,147,000	$ 186,983,000
Percentage of Gross Written Premiums	19.00%	20.50%	21.30%	22.30%
Crop [Member]
Gross written premiums	$ 59,662,000	$ 11,627,000	$ 100,571,000	$ 12,115,000
Percentage of Gross Written Premiums	14.40%	3.70%	8.60%	1.40%
Casualty [Member]
Gross written premiums	$ 56,307,000	$ 29,532,000	$ 166,762,000	$ 58,065,000
Percentage of Gross Written Premiums	13.60%	9.40%	14.30%	6.90%

Note 4 - Reserve for Losses and Loss Adjustment Expenses (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Prior Year Claims and Claims Adjustment Expense	$ (221)	$ 1,023	$ (2,642)	$ 3,742

Note 5 - Stockholders' Equity - Summary of PSU Transactions (Details) - Performance Shares [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Outstanding, shares (in shares) \| shares	423,621
Outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 38.9
Granted, shares (in shares) \| shares	57,012
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 65.78
Released, shares (in shares) \| shares	(12,645)
Released, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 96.74
Forfeited, shares (in shares) \| shares	(6,468)
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 51.44
Non-vested, shares (in shares) \| shares	461,520
Non-vested outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 40.46

Note 2 - Investments - Summary of Available for Sale Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Available-for-Sale, Amortized Cost	$ 896,775	$ 675,130
Available-for-sale, Accumulated Gross Unrealized Gain	10,690	3,876
Available-for-sale, Accumulated Gross Unrealized Loss	(23,581)	(34,303)
Available-for-Sale, Allowance for Credit Loss	(904)	(904)
Fixed maturity securities available for sale, at fair value (amortized cost: $896,775 in 2024; $675,130 in 2023)	882,980	643,799
US Government Agencies Debt Securities [Member]
Available-for-Sale, Amortized Cost	32,839	40,836
Available-for-sale, Accumulated Gross Unrealized Gain	16	0
Available-for-sale, Accumulated Gross Unrealized Loss	(660)	(1,416)
Available-for-Sale, Allowance for Credit Loss	0	0
Fixed maturity securities available for sale, at fair value (amortized cost: $896,775 in 2024; $675,130 in 2023)	32,195	39,420
US States and Political Subdivisions Debt Securities [Member]
Available-for-Sale, Amortized Cost	10,615	10,641
Available-for-sale, Accumulated Gross Unrealized Gain	105	100
Available-for-sale, Accumulated Gross Unrealized Loss	(678)	(839)
Available-for-Sale, Allowance for Credit Loss	0	0
Fixed maturity securities available for sale, at fair value (amortized cost: $896,775 in 2024; $675,130 in 2023)	10,042	9,902
Special Revenue Excluding Asset Backed Securities [Member]
Available-for-Sale, Amortized Cost	30,755	32,513
Available-for-sale, Accumulated Gross Unrealized Gain	189	147
Available-for-sale, Accumulated Gross Unrealized Loss	(2,884)	(3,149)
Available-for-Sale, Allowance for Credit Loss	0	0
Fixed maturity securities available for sale, at fair value (amortized cost: $896,775 in 2024; $675,130 in 2023)	28,060	29,511
Corporate Debt Securities and Other Debt Obligations [Member]
Available-for-Sale, Amortized Cost	467,290	316,590
Available-for-sale, Accumulated Gross Unrealized Gain	6,776	1,750
Available-for-sale, Accumulated Gross Unrealized Loss	(11,080)	(17,197)
Available-for-Sale, Allowance for Credit Loss	(904)	(904)
Fixed maturity securities available for sale, at fair value (amortized cost: $896,775 in 2024; $675,130 in 2023)	462,082	300,239
Asset-Backed Securities [Member]
Available-for-Sale, Amortized Cost	355,276	274,550
Available-for-sale, Accumulated Gross Unrealized Gain	3,604	1,879
Available-for-sale, Accumulated Gross Unrealized Loss	(8,279)	(11,702)
Available-for-Sale, Allowance for Credit Loss	0	0
Fixed maturity securities available for sale, at fair value (amortized cost: $896,775 in 2024; $675,130 in 2023)	$ 350,601	$ 264,727

Note 6 - Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2024

Comprehensive Income (Loss) Note [Text Block]

6. Accumulated Other Comprehensive Income

Changes in accumulated other comprehensive income (loss) (“AOCI”) are as follows:

	*Nine Months Ended September 30,*
	*2024*			*2023*
	(in thousands)
Beginning Balance	$	(23,991	)	$	(36,515	)

Other comprehensive (loss) income before reclassification		17,265			(8,453	)
Federal income tax expense (benefit)		(3,626	)		1,775
Other comprehensive (loss) income before reclassification, net of tax		13,639			(6,678	)

Amounts reclassified from AOCI		270			(36	)
Federal income tax expense (benefit)		(57	)		8
Amounts reclassified from AOCI, net of tax		213			(28	)

Other comprehensive (loss) income		13,852			(6,706	)
Balance at end of period	$	(10,139	)	$	(43,221	)

Note 2 - Investments - Summary of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income	$ 9,365	$ 5,952	$ 24,317	$ 16,468
Dividend income	220	211	675	602
Investment expense	(177)	(134)	(486)	(380)
Net investment income	$ 9,408	$ 6,029	$ 24,506	$ 16,690

Note 11 - Credit Agreements (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available as Percentage of Statutory Admitted Assets		10.00%		10.00%
Federal Home Loan Bank, Advance, Branch of FHLBank, Amount		$ 0		$ 0		$ 52,600
Interest Expense, Loans from Other Federal Home Loan Banks			$ 800	800	$ 2,100
Federal Home Loan Bank, Advance, Branch of FHLBank, Interest Rate						5.62%
Revolving Credit Facility [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Long-Term Line of Credit		0		0		$ 0
Interest Expense, Debt		$ 100	$ 100	$ 300	$ 900
Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Revolving Credit Facility [Member] \| Alternate Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Revolving Credit Facility [Member] \| U.S. Bank Credit Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000

Note 4 - Reserve for Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

	*Three Months Ended September 30,*						*Nine Months Ended September 30,*
	*2024*			*2023*			*2024*			*2023*
	(in thousands)						(in thousands)
Reserve for losses and LAE net of reinsurance recoverables at beginning of period	$	118,761		$	81,300		$	97,653		$	77,520
Add: Incurred losses and LAE, net of reinsurance, related to:
Current year		40,536			15,116			100,225			50,954
Prior years		(221	)		1,023			(2,642	)		3,742
Total incurred		40,315			16,139			97,583			54,696
Deduct: Loss and LAE payments, net of reinsurance, related to:
Current year		16,153			6,646			27,909			14,215
Prior years		5,649			(1,385	)		30,053			25,823
Total payments		21,802			5,261			57,962			40,038
Reserve for losses and LAE net of reinsurance recoverables at end of period		137,274			92,178			137,274			92,178
Add: Reinsurance recoverables on unpaid losses and LAE at end of period		360,164			232,170			360,164			232,170
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period	$	497,438		$	324,348		$	497,438		$	324,348

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Available-for-Sale, Amortized Cost	$ 896,775	$ 675,130
Equity Securities, Cost	$ 32,987	$ 43,003
Preferred Stock, Par Value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized (in shares)	5,000,000	5,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding (in shares)	0	0
Common Stock, Par Value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized (in shares)	500,000,000	500,000,000
Common Stock, Shares, Issued (in shares)	26,452,242	24,772,987
Common Stock, Shares, Outstanding (in shares)	26,452,242	24,772,987

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Gross written premiums	$ 414,977	$ 313,998	$ 1,168,239	$ 838,406
Ceded written premiums	(255,267)	(203,336)	(692,620)	(542,789)
Net written premiums	159,710	110,662	475,619	295,617
Change in unearned premiums	(24,064)	(24,845)	(109,823)	(43,453)
Net earned premiums	135,646	85,817	365,796	252,164
Net investment income	9,408	6,029	24,506	16,690
Net realized and unrealized gains (losses) on investments	2,734	(1,376)	5,768	(103)
Commission and other income	715	465	2,035	1,781
Total revenues	148,503	90,935	398,105	270,532
Expenses:
Losses and loss adjustment expenses	40,315	16,139	97,583	54,696
Acquisition expenses, net of ceding commissions and fronting fees	41,469	27,004	109,072	78,740
Other underwriting expenses	28,129	22,390	84,165	63,962
Interest expense	87	867	1,052	2,952
Total expenses	110,000	66,400	291,872	200,350
Income before income taxes	38,503	24,535	106,233	70,182
Income tax expense	8,006	6,103	23,625	16,877
Net income	30,497	18,432	82,608	53,305
Other comprehensive income, net:
Net unrealized gains (losses) on securities available for sale	17,916	(8,494)	13,852	(6,706)
Net comprehensive income	$ 48,413	$ 9,938	$ 96,460	$ 46,599
Per Share Data:
Basic (in dollars per share)	$ 1.18	$ 0.75	$ 3.28	$ 2.15
Diluted (in dollars per share)	$ 1.15	$ 0.73	$ 3.19	$ 2.1
Weighted-average common shares outstanding:
Basic (in shares)	25,766,697	24,740,455	25,194,114	24,847,164
Diluted (in shares)	26,479,566	25,244,828	25,877,257	25,340,602

Note 10 - Reinsurance (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Catastrophe Bond, Face Value	$ 420,000	$ 200,000	$ 275,000
Earthquake [Member]
Reinsurance, Amount Retained, Per Event	20,000
Reinsurance Policy, Excess of Loss Protection Amount	3,060
Hurricane [Member]
Reinsurance, Amount Retained, Per Event	15,500
Hawaii Hurricane [Member]
Reinsurance Policy, Excess of Loss Protection Amount	735,000
U.S. Hurricane [Member]
Reinsurance Policy, Excess of Loss Protection Amount	$ 117,500

Note 2 - Investments - Net Realized and Unrealized Investment Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Gains on sales of fixed maturity securities	$ 42	$ 0	$ 59	$ 65
Total realized gains	42	0	59	65
Losses on sales of fixed maturity securities	(328)	0	(330)	(32)
Losses on sales of equity securities	0	0	(1,204)	0
Total realized losses	(328)	0	(1,534)	(32)
Net realized investment (losses) gains	(286)	0	(1,475)	33
Change in allowance for credit losses	327	0	0	(667)
Net unrealized gains (losses) on equity securities	2,434	(1,299)	7,052	608
Net unrealized gains (losses) on equity method investment	148	(77)	(118)	(77)
Net unrealized gains on other investments	111	0	309	0
Net realized and unrealized gains (losses) on investments	$ 2,734	$ (1,376)	$ 5,768	$ (103)

Note 5 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 15, 2021	Sep. 30, 2024 USD ($) $ / shares shares	Mar. 31, 2024 shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Jan. 24, 2022 USD ($)	Apr. 16, 2019 shares
Preferred Stock, Shares Authorized (in shares)		5,000,000		5,000,000		5,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares		$ 0.0001		$ 0.0001		$ 0.0001
Preferred Stock, Shares Issued (in shares)		0		0		0
Common Stock, Shares Authorized (in shares)		500,000,000		500,000,000		500,000,000
Common Stock, Shares, Issued (in shares)		26,452,242		26,452,242		24,772,987
Common Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares		$ 0.0001		$ 0.0001		$ 0.0001
Additional Paid in Capital, Common Stock \| $		$ 486,198		$ 486,198		$ 350,597
Stock Issued During Period, Shares, New Issues (in shares)		1,380,000
Shares Issued, Price Per Share (in dollars per share) \| $ / shares		$ 88		$ 88
Proceeds from Issuance of Common Stock, Net of Underwriter Discounts Commissions and Estimated Offering Expenses \| $		$ 115,700		$ 115,724	$ 0
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)				17,100
Share Repurchase Program, Authorized, Amount \| $							$ 100,000
Treasury Stock, Shares, Acquired (in shares)			0
Preferred Stock, Shares Outstanding (in shares)		0		0		0
Common Stock, Shares, Outstanding (in shares)		26,452,242		26,452,242		24,772,987
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)				10 years
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount \| $		$ 300		$ 300
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)				4 months 24 days
Share-Based Payment Arrangement, Option [Member] \| Share-Based Payment Arrangement, Tranche One [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)				2 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage				25.00%
Share-Based Payment Arrangement, Option [Member] \| Share-Based Payment Arrangement, Tranche One [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)				4 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage				50.00%
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)				1 year 10 months 24 days
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount \| $		16,800		$ 16,800
Restricted Stock Units (RSUs) [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)				1 year
Restricted Stock Units (RSUs) [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)				5 years
Performance Shares [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)				1 year 10 months 24 days
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount \| $		$ 9,100		$ 9,100
Number of Stock Price Milestones Achieved		0		0
Predetermined Performance Achievement, Percentage	100.00%
Performance Shares [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Number of Days, Achievement of Milestone Stock Price				30
Share-based Compensation Arrangement by Share-based Payment Award, Award Service Period (Year)				5 years
Performance Shares [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Service Period (Year)				3 years
Employee Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)								240,000
Share-based Compensation Arrangement by Share-based Payment Award, Shares Available for Issuance, Authorized Annual Increase, Maximum (in shares)								240,000
Equity Incentive Plan 2019 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)		3,674,358		3,674,358				2,400,000
Share Based Compensation Arrangement By Share Based Payment Award Percentage, Number of Additional Shares Available for Grant								3.00%
Over-Allotment Option [Member]
Stock Issued During Period, Shares, New Issues (in shares)		180,000

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Entity Central Index Key	0001761312
Entity Registrant Name	Palomar Holdings, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-38873
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-3972551
Entity Address, Address Line One	7979 Ivanhoe Avenue, Suite 500
Entity Address, City or Town	La Jolla
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92037
City Area Code	619
Local Phone Number	567-5290
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	PLMR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,465,867

Note 2 - Investments (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]

			*Gross*		*Gross*			*Allowance*
	*Amortized*		*Unrealized*		*Unrealized*			*for*			*Fair*
September 30, 2024	*Cost or Cost*		*Gains*		*Losses*			*Credit Losses*			*Value*
	(in thousands)
Fixed maturities:
U.S. Governments	$	32,839	$	16	$	(660	)	$	—		$	32,195
U.S. States, Territories, and Political Subdivisions		10,615		105		(678	)		—			10,042
Special revenue excluding mortgage/asset-backed securities		30,755		189		(2,884	)		—			28,060
Corporate and other		467,290		6,776		(11,080	)		(904	)		462,082
Mortgage/asset-backed securities		355,276		3,604		(8,279	)		—			350,601
Total available-for-sale investments	$	896,775	$	10,690	$	(23,581	)	$	(904	)	$	882,980

			*Gross*		*Gross*			*Allowance*
	*Amortized*		*Unrealized*		*Unrealized*			*for*			*Fair*
December 31, 2023	*Cost or Cost*		*Gains*		*Losses*			*Credit Losses*			*Value*
	(in thousands)
Fixed maturities:
U.S. Governments	$	40,836	$	—	$	(1,416	)	$	—		$	39,420
U.S. States, Territories, and Political Subdivisions		10,641		100		(839	)		—			9,902
Special revenue excluding mortgage/asset-backed securities		32,513		147		(3,149	)		—			29,511
Corporate and other		316,590		1,750		(17,197	)		(904	)		300,239
Mortgage/asset-backed securities		274,550		1,879		(11,702	)		—			264,727
Total available-for-sale investments	$	675,130	$	3,876	$	(34,303	)	$	(904	)	$	643,799

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block]

	*Less Than 12 Months*					*More Than 12 Months*					*Total*
	*Fair*		*Unrealized*			*Fair*		*Unrealized*			*Fair*		*Unrealized*
September 30, 2024	*Value*		*Losses*			*Value*		*Losses*			*Value*		*Losses*
	(in thousands)
Fixed maturity securities:
U.S. Governments	$	16,037	$	(27	)	$	15,122	$	(633	)	$	31,159	$	(660	)
U.S. States, Territories, and Political Subdivisions		508		(8	)		6,353		(670	)		6,861		(678	)
Special revenue excluding mortgage/asset-backed securities		2,006		(282	)		23,232		(2,602	)		25,238		(2,884	)
Corporate and other		19,821		(243	)		182,025		(10,837	)		201,846		(11,080	)
Mortgage/asset-backed securities		24,195		(917	)		98,170		(7,362	)		122,365		(8,279	)
Total available-for-sale investments	$	62,567	$	(1,477	)	$	324,902	$	(22,104	)	$	387,469	$	(23,581	)

	*Less Than 12 Months*					*More Than 12 Months*					*Total*
	*Fair*		*Unrealized*			*Fair*		*Unrealized*			*Fair*		*Unrealized*
December 31, 2023	*Value*		*Losses*			*Value*		*Losses*			*Value*		*Losses*
	(in thousands)
Fixed maturity securities:
U.S. Governments	$	738	$	(1	)	$	38,063	$	(1,415	)	$	38,801	$	(1,416	)
U.S. States, Territories, and Political Subdivisions		—		—			6,196		(839	)		6,196		(839	)
Special revenue excluding mortgage/asset-backed securities		—		—			26,736		(3,149	)		26,736		(3,149	)
Corporate and other		28,872		(480	)		204,034		(16,717	)		232,906		(17,197	)
Mortgage/asset-backed securities		29,334		(245	)		117,016		(11,457	)		146,350		(11,702	)
Total available-for-sale investments	$	58,944	$	(726	)	$	392,045	$	(33,577	)	$	450,989	$	(34,303	)

Investments Classified by Contractual Maturity Date [Table Text Block]

	*Amortized*		*Fair*
	*Cost*		*Value*
	(in thousands)
Due within one year	$	80,152	$	78,731
Due after one year through five years		183,202		180,227
Due after five years through ten years		176,607		172,654
Due after ten years		101,538		100,767
Mortgage and asset-backed securities		355,276		350,601
	$	896,775	$	882,980

Investment Income [Table Text Block]

	*Three Months Ended*						*Nine Months Ended*
	*September 30,*						*September 30,*
	*2024*			*2023*			*2024*			*2023*
	(in thousands)						(in thousands)
Interest income	$	9,365		$	5,952		$	24,317		$	16,468
Dividend income		220			211			675			602
Investment expense		(177	)		(134	)		(486	)		(380	)
Net investment income	$	9,408		$	6,029		$	24,506		$	16,690

Gain (Loss) on Securities [Table Text Block]

	*Three Months Ended*						*Nine Months Ended*
	*September 30,*						*September 30,*
	*2024*			*2023*			*2024*			*2023*
	(in thousands)						(in thousands)
Realized gains:
Gains on sales of fixed maturity securities	$	42		$	—		$	59		$	65
Total realized gains		42			—			59			65
Realized losses:
Losses on sales of fixed maturity securities		(328	)		—			(330	)		(32	)
Losses on sales of equity securities		—			—			(1,204	)		—
Total realized losses		(328	)		—			(1,534	)		(32	)
Net realized investment (losses) gains		(286	)		—			(1,475	)		33
Change in allowance for credit losses		327			—			—			(667	)
Net unrealized gains (losses) on equity securities		2,434			(1,299	)		7,052			608
Net unrealized gains (losses) on equity method investment		148			(77	)		(118	)		(77	)
Net unrealized gains on other investments		111			—			309			—
Net realized and unrealized gains (losses) on investments	$	2,734		$	(1,376	)	$	5,768		$	(103	)

Note 10 - Reinsurance

9 Months Ended

Sep. 30, 2024

Reinsurance [Text Block]

10. Reinsurance

The Company utilizes reinsurance in order to limit its exposure to losses and enable it to underwrite policies with sufficient limits to meet policyholder needs. The Company utilizes both excess of loss (XOL) and quota share reinsurance.

As of September 30, 2024, the Company’s catastrophe event retention is $20 million for earthquake events and $15.5 million for hurricane events and all other perils, and the Company’s XOL reinsurance structure provides protection up to $3.06 billion for earthquake events, $735 million for Hawaii hurricane events, and $117.5 million for continental U.S. hurricane events.

In addition to reinsurance purchased from traditional reinsurers, the Company has historically incorporated collateralized protection from the insurance linked securities market via catastrophe bonds. During the second quarter of 2022, the Company closed a $275 million 144A catastrophe bond which became effective June 1, 2022. This catastrophe bond was completed through Torrey Pines Re Ltd., a Bermuda-domiciled special purpose insurer that provides indemnity-based reinsurance covering earthquake events through June 1, 2025. During the second quarter of 2023, the Company closed a $200 million 144A catastrophe bond which became effective June 1, 2023. This catastrophe bond was also completed through Torrey Pines Re Ltd and provides indemnity-based reinsurance covering earthquake events through June 1, 2026. During the second quarter of 2024, the Company closed a $420 million 144A catastrophe bond which became effective June 1, 2024. This catastrophe bond was also completed through Torrey Pines Re Ltd and provides indemnity-based reinsurance covering earthquake events through June 1, 2027.

Note 5 - Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Capital Reserved for Future Issuance [Table Text Block]

Stock options outstanding under 2019 Equity Incentive Plan			641,856
Restricted stock units outstanding under 2019 Equity Incentive Plan			340,899
Performance stock units outstanding under 2019 Equity Incentive Plan, at target			461,520
Shares authorized for future issuance under 2019 Equity Incentive Plan			3,674,358
Shares authorized for future issuance under 2019 Employee Stock Purchase Plan			1,353,670
Total			6,472,303

Share-Based Payment Arrangement, Cost by Plan [Table Text Block]

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2024*		*2023*		*2024*		*2023*
	(in thousands)				(in thousands)
Stock-Based Compensation	$	4,117	$	3,589	$	11,905	$	10,737

Share-Based Payment Arrangement, Activity [Table Text Block]

	*Number of shares*			*Weighted-average exercise price*		*Weighted-average remaining contractual term (in years)*		*Aggregate intrinsic value (in thousands)*
Outstanding at January 1, 2024		807,685		$	34.31		—	$	—
Options granted		—			—
Options exercised		(155,078	)		32.46
Options cancelled		(10,751	)		78.61
Outstanding at September 30, 2024		641,856		$	34.01		5.1	$	31,660
Vested and Exercisable at September 30, 2024		627,982		$	33.54		5.1	$	31,298

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

	*Number of shares*			*Weighted-average grant date fair value*
Outstanding at January 1, 2024		332,077		$	61.07
Granted		136,556			68.13
Released		(114,432	)		58.94
Forfeited		(13,302	)		53.85
Non-vested outstanding at September 30, 2024		340,899		$	64.90

Schedule of Nonvested Performance-Based Units Activity [Table Text Block]

	*Number of shares*			*Weighted-average grant date fair value*
Outstanding at January 1, 2024		423,621		$	38.90
Granted		57,012			65.78
Vested		(12,645	)		96.74
Forfeited		(6,468	)		51.44
Non-vested outstanding at September 30, 2024		461,520		$	40.46

Note 1 - Summary of Operations and Basis of Presentation

9 Months Ended

Sep. 30, 2024

Basis of Presentation and Significant Accounting Policies [Text Block]

1. Summary of Operations and Basis of Presentation

Summary of Operations

Palomar Holdings, Inc. (the “Company”) is a Delaware incorporated insurance holding company that was founded in 2014. The Company has several wholly owned subsidiaries including an Oregon domiciled insurance company, Palomar Specialty Insurance Company (“PSIC”), a Bermuda based reinsurance company, Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), an Arizona domiciled surplus lines insurance company, Palomar Excess and Surplus Insurance Company (“PESIC”), a California domiciled property and casualty insurance agency, Palomar Insurance Agency, DBA Palomar General Insurance Agency (“PGIA”), and a Delaware incorporated management company, Palomar Underwriters Exchange Organization, Inc. ("PUEO"), that provides services to Laulima Exchange (“Laulima”), a Hawaii domiciled reciprocal exchange, as its attorney-in-fact.

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and include the accounts of the Company and its wholly‑owned subsidiaries. The condensed consolidated financial statements also include the accounts of Laulima, as Laulima is a variable interest entity ("VIE") for which the Company is the primary beneficiary. Within footnote 7, certain prior year amounts have been reclassified to conform to the current year presentation.

These condensed consolidated financial statements do not contain all information and footnotes required by U.S. GAAP for complete consolidated financial statements. For a more complete description of the Company’s business and accounting policies, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 23, 2024 (the “2023 Annual Report on Form 10-K”). In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. All intercompany balances and transactions have been eliminated in consolidation. Interim results are not necessarily indicative of results of operations for the full year.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. All revisions to accounting estimates are recognized in the period in which the estimates are revised. Significant estimates reflected in the Company’s condensed consolidated financial statements include, but are not limited to, reserves for losses and loss adjustment expenses, reinsurance recoverables on unpaid losses, and the fair values of investments.

Recent Accounting Pronouncements

Recently adopted accounting pronouncements

The Company has not adopted any new accounting guidance during the nine months ended September 30, 2024.

Recently issued accounting pronouncements not yet adopted

Segment Reporting

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

Income Taxes

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires public business entities to disclose additional information with respect to the reconciliation of the effective tax rate to the statutory rate. Additionally, public business entities will need to disaggregate federal, state and foreign taxes paid in their financial statements. ASU 2023-09 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

Note 8 - Income Taxes (Details Textual)	3 Months Ended		9 Months Ended
Note 8 - Income Taxes (Details Textual)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Effective Income Tax Rate Reconciliation, Percent	20.80%	24.90%	22.20%	24.00%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%

Note 4 - Reserve for Losses and Loss Adjustment Expenses - Reconciliation of Changes in Reserve Balance for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Reserve for losses and LAE net of reinsurance recoverables at beginning of period	$ 118,761	$ 81,300	$ 97,653	$ 77,520
Current year	40,536	15,116	100,225	50,954
Prior years	(221)	1,023	(2,642)	3,742
Total incurred	40,315	16,139	97,583	54,696
Current year	16,153	6,646	27,909	14,215
Prior years	5,649	(1,385)	30,053	25,823
Total payments	21,802	5,261	57,962	40,038
Reserve for losses and LAE net of reinsurance recoverables at end of period	137,274	92,178	137,274	92,178
Add: Reinsurance recoverables on unpaid losses and LAE at end of period	360,164	232,170	360,164	232,170	$ 244,622
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period	$ 497,438	$ 324,348	$ 497,438	$ 324,348	$ 342,275

Amount, after valuation allowance, recoverable under reinsurance contracts for losses reported to the ceding insurer but not yet paid and amounts expected for incurred losses and settlement expenses, which have not yet been reported to the ceding insurer.

+ References + Details

Note 3 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 0	$ 0

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $896,775 in 2024; $675,130 in 2023)	$ 882,980	$ 643,799
Equity securities, at fair value (cost: $32,987 in 2024; $43,003 in 2023)	40,196	43,160
Equity method investment	2,499	2,617
Other investments	5,207	0
Total investments	930,882	689,576
Cash and cash equivalents	86,479	51,546
Restricted cash	105	306
Accrued investment income	7,495	5,282
Premiums receivable	326,674	261,972
Deferred policy acquisition costs, net of ceding commissions and fronting fees	86,408	60,990
Reinsurance recoverable on paid losses and loss adjustment expenses	58,889	32,172
Reinsurance recoverable on unpaid losses and loss adjustment expenses	360,164	244,622
Ceded unearned premiums	298,509	265,808
Prepaid expenses and other assets	104,831	72,941
Deferred tax assets, net	4,019	10,119
Property and equipment, net	409	373
Goodwill and intangible assets, net	11,147	12,315
Total assets	2,276,011	1,708,022
Liabilities:
Accounts payable and other accrued liabilities	75,424	42,376
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period	497,438	342,275
Unearned premiums	739,623	597,103
Ceded premium payable	235,157	181,742
Funds held under reinsurance treaty	25,056	13,419
Income taxes payable	0	7,255
Borrowings from credit agreements	0	52,600
Total liabilities	1,572,698	1,236,770
Stockholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,452,242 and 24,772,987 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	3	3
Additional paid-in capital	486,198	350,597
Accumulated other comprehensive loss	(10,139)	(23,991)
Retained earnings	227,251	144,643
Total stockholders' equity	703,313	471,252
Total liabilities and stockholders' equity	$ 2,276,011	$ 1,708,022

Note 6 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Beginning Balance	$ 532,606	$ 501,658	$ 471,252	$ 413,708	$ 404,649	$ 384,754	$ 471,252	$ 384,754
Other comprehensive (loss) income	17,916	(1,550)	(2,514)	(8,495)	(3,685)	5,474
Balance at end of period	703,313	532,606	501,658	421,334	413,708	404,649	703,313	421,334
AOCI Attributable to Parent [Member]
Beginning Balance	(28,055)	(26,505)	(23,991)	(34,726)	(31,041)	(36,515)	(23,991)	(36,515)
Other comprehensive (loss) income before reclassification							17,265	(8,453)
Federal income tax expense (benefit)							(3,626)	1,775
Other comprehensive (loss) income before reclassification, net of tax							13,639	(6,678)
Amounts reclassified from AOCI							270	(36)
Federal income tax expense (benefit)							(57)	8
Amounts reclassified from AOCI, net of tax							213	(28)
Other comprehensive (loss) income	17,916	(1,550)	(2,514)	(8,495)	(3,685)	5,474	13,852	(6,706)
Balance at end of period	$ (10,139)	$ (28,055)	$ (26,505)	$ (43,221)	$ (34,726)	$ (31,041)	$ (10,139)	$ (43,221)

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483421/250-10-45-24

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Note 5 - Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) - shares	Sep. 30, 2024	Dec. 31, 2023	Apr. 16, 2019
Options, Outstanding, Number (in shares)	641,856	807,685
Total (in shares)	6,472,303
Restricted Stock Units (RSUs) [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	340,899	332,077
Performance Shares [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	461,520	423,621
Equity Incentive Plan 2019 [Member]
Options, Outstanding, Number (in shares)	641,856
Number of Shares Authorized (in shares)	3,674,358		2,400,000
Equity Incentive Plan 2019 [Member] \| Restricted Stock Units (RSUs) [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	340,899
Equity Incentive Plan 2019 [Member] \| Performance Shares [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	461,520
Employee Stock Purchase Plan 2019 [Member]
Number of Shares Authorized (in shares)	1,353,670

Note 9 - Earnings Per Share - Earnings Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 30,497	$ 25,729	$ 26,382	$ 18,432	$ 17,562	$ 17,313	$ 82,608	$ 53,305
Basic (in shares)	25,766,697			24,740,455			25,194,114	24,847,164
Common Share equivalents (in shares)	712,869			504,373			683,143	493,438
Diluted (in shares)	26,479,566			25,244,828			25,877,257	25,340,602
Basic (in dollars per share)	$ 1.18			$ 0.75			$ 3.28	$ 2.15
Diluted (in dollars per share)	$ 1.15			$ 0.73			$ 3.19	$ 2.1

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Note 7 - Underwriting Information

9 Months Ended

Sep. 30, 2024

Segment Reporting Disclosure [Text Block]

7. Underwriting Information

The Company has a single reportable segment and offers specialty insurance products. Gross written premiums (“GWP”) by product are presented below:

	*Three Months Ended September 30,*										*Nine Months Ended September 30,*
	*2024*					*2023*					*2024*					*2023*
	($ in thousands)										($ in thousands)
			*% of*					*% of*					*% of*					*% of*
	*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*
Product⁽¹⁾
Earthquake	$	135,329		32.6	%	$	113,386		36.1	%	$	376,088		32.2	%	$	314,810		37.5	%
Fronting		84,945		20.5	%		94,954		30.2	%		275,671		23.6	%		266,433		31.8	%
Inland Marine and Other Property		78,734		19.0	%		64,499		20.5	%		249,147		21.3	%		186,983		22.3	%
Crop		59,662		14.4	%		11,627		3.7	%		100,571		8.6	%		12,115		1.4	%
Casualty		56,307		13.6	%		29,532		9.4	%		166,762		14.3	%		58,065		6.9	%
Total Gross Written Premiums	$	414,977		100.0	%	$	313,998		100.0	%	$	1,168,239		100.0	%	$	838,406		100.0	%

(1) - Beginning in 2024, the Company has updated the categorization of its products to align with management's current strategy and view of the business. Prior year amounts have been reclassified for comparability purposes. The recategorization is for presentation purposes only and does not impact overall gross written premiums.

Gross written premiums by state are as follows:

	*Three Months Ended September 30,*										*Nine Months Ended September 30,*
	*2024*					*2023*					*2024*					*2023*
	($ in thousands)										($ in thousands)
			*% of*					*% of*					*% of*					*% of*
	*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*
State
California	$	170,265		41.0	%	$	163,806		52.2	%	$	510,879		43.7	%	$	450,752		53.8	%
Texas		27,019		6.5	%		24,336		7.8	%		96,414		8.3	%		72,777		8.7	%
Hawaii		23,171		5.6	%		13,490		4.3	%		53,922		4.6	%		35,824		4.3	%
North Dakota		18,716		4.5	%		2,898		0.9	%		19,893		1.7	%		3,326		0.4	%
Washington		16,828		4.1	%		17,792		5.7	%		41,893		3.6	%		43,409		5.2	%
Wisconsin		15,519		3.7	%		1,211		0.4	%		17,374		1.5	%		3,095		0.4	%
Florida		14,433		3.5	%		11,549		3.7	%		58,153		5.0	%		36,309		4.3	%
Oregon		8,402		2.0	%		8,536		2.7	%		21,253		1.8	%		21,223		2.5	%
Other		120,624		29.1	%		70,380		22.4	%		348,458		29.8	%		171,691		20.5	%
Total Gross Written Premiums	$	414,977		100.0	%	$	313,998		100.0	%	$	1,168,239		100.0	%	$	838,406		100.0	%

Gross written premiums by insurance subsidiary are as follows:

	*Three Months Ended September 30,*										*Nine Months Ended September 30,*
	*2024*					*2023*					*2024*					*2023*
	($ in thousands)										($ in thousands)
			*% of*					*% of*					*% of*					*% of*
	*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*
Subsidiary
PSIC	$	236,624		57.0	%	$	186,693		59.5	%	$	652,988		55.9	%	$	497,216		59.3	%
PESIC		159,305		38.4	%		127,305		40.5	%		472,909		40.5	%		341,190		40.7	%
Laulima		19,048		4.6	%		—		—	%		42,342		3.6	%		—		—	%
Total Gross Written Premiums	$	414,977		100.0	%	$	313,998		100.0	%	$	1,168,239		100.0	%	$	838,406		100.0	%

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Note 9 - Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2024*		*2023*		*2024*		*2023*
	(in thousands, except shares and per share data)				(in thousands, except shares and per share data)
Net income	$	30,497	$	18,432	$	82,608	$	53,305
Weighted average common shares outstanding:
Basic		25,766,697		24,740,455		25,194,114		24,847,164
Common Share equivalents		712,869		504,373		683,143		493,438
Diluted		26,479,566		25,244,828		25,877,257		25,340,602

Earnings per share:
Basic	$	1.18	$	0.75	$	3.28	$	2.15
Diluted	$	1.15	$	0.73	$	3.19	$	2.10

Note 5 - Stockholders' Equity - Schedule of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-Based Compensation	$ 4,117	$ 3,589	$ 11,905	$ 10,737

Note 5 - Stockholders' Equity - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Outstanding, options (in shares) \| shares	807,685
Outstanding, options, weighted average exercise price (in dollars per share) \| $ / shares	$ 34.31
Options exercised, options (in shares) \| shares	(155,078)
Options exercised, options, weighted average exercise price (in dollars per share) \| $ / shares	$ 32.46
Options canceled, options (in shares) \| shares	(10,751)
Options canceled, options, weighted average exercise price (in dollars per share) \| $ / shares	$ 78.61
Outstanding, options (in shares) \| shares	641,856
Outstanding, options, weighted average exercise price (in dollars per share) \| $ / shares	$ 34.01
Outstanding, options, weighted average remaining contractual term (Year)	5 years 1 month 6 days
Outstanding, options, aggregate intrinsic value \| $	$ 31,660
Vested and Exercisable, options (in shares) \| shares	627,982
Vested and Exercisable, options, weighted average exercise price (in dollars per share) \| $ / shares	$ 33.54
Vested and Exercisable, options, weighted average remaining contractual term (Year)	5 years 1 month 6 days
Vested and Exercisable, options, aggregate intrinsic value \| $	$ 31,298

Note 2 - Investments

9 Months Ended

Sep. 30, 2024

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

2. Investments

The Company’s available‑for‑sale investments are summarized as follows:

			*Gross*		*Gross*			*Allowance*
	*Amortized*		*Unrealized*		*Unrealized*			*for*			*Fair*
September 30, 2024	*Cost or Cost*		*Gains*		*Losses*			*Credit Losses*			*Value*
	(in thousands)
Fixed maturities:
U.S. Governments	$	32,839	$	16	$	(660	)	$	—		$	32,195
U.S. States, Territories, and Political Subdivisions		10,615		105		(678	)		—			10,042
Special revenue excluding mortgage/asset-backed securities		30,755		189		(2,884	)		—			28,060
Corporate and other		467,290		6,776		(11,080	)		(904	)		462,082
Mortgage/asset-backed securities		355,276		3,604		(8,279	)		—			350,601
Total available-for-sale investments	$	896,775	$	10,690	$	(23,581	)	$	(904	)	$	882,980

			*Gross*		*Gross*			*Allowance*
	*Amortized*		*Unrealized*		*Unrealized*			*for*			*Fair*
December 31, 2023	*Cost or Cost*		*Gains*		*Losses*			*Credit Losses*			*Value*
	(in thousands)
Fixed maturities:
U.S. Governments	$	40,836	$	—	$	(1,416	)	$	—		$	39,420
U.S. States, Territories, and Political Subdivisions		10,641		100		(839	)		—			9,902
Special revenue excluding mortgage/asset-backed securities		32,513		147		(3,149	)		—			29,511
Corporate and other		316,590		1,750		(17,197	)		(904	)		300,239
Mortgage/asset-backed securities		274,550		1,879		(11,702	)		—			264,727
Total available-for-sale investments	$	675,130	$	3,876	$	(34,303	)	$	(904	)	$	643,799

Security holdings in an unrealized loss position

As of September 30, 2024, the Company held 399 fixed maturity securities in an unrealized loss position with a total estimated fair value of $387.5 million and total gross unrealized losses of $23.6 million. As of December 31, 2023, the Company held 483 fixed maturity securities in an unrealized loss position with a total estimated fair value of $451.0 million and total gross unrealized losses of $34.3 million.

The aggregate fair value and gross unrealized losses of the Company’s investments aggregated by investment category and the length of time these individual securities have been in a continuous unrealized loss position as of September 30, 2024 and December 31, 2023, are as follows:

	*Less Than 12 Months*					*More Than 12 Months*					*Total*
	*Fair*		*Unrealized*			*Fair*		*Unrealized*			*Fair*		*Unrealized*
September 30, 2024	*Value*		*Losses*			*Value*		*Losses*			*Value*		*Losses*
	(in thousands)
Fixed maturity securities:
U.S. Governments	$	16,037	$	(27	)	$	15,122	$	(633	)	$	31,159	$	(660	)
U.S. States, Territories, and Political Subdivisions		508		(8	)		6,353		(670	)		6,861		(678	)
Special revenue excluding mortgage/asset-backed securities		2,006		(282	)		23,232		(2,602	)		25,238		(2,884	)
Corporate and other		19,821		(243	)		182,025		(10,837	)		201,846		(11,080	)
Mortgage/asset-backed securities		24,195		(917	)		98,170		(7,362	)		122,365		(8,279	)
Total available-for-sale investments	$	62,567	$	(1,477	)	$	324,902	$	(22,104	)	$	387,469	$	(23,581	)

	*Less Than 12 Months*					*More Than 12 Months*					*Total*
	*Fair*		*Unrealized*			*Fair*		*Unrealized*			*Fair*		*Unrealized*
December 31, 2023	*Value*		*Losses*			*Value*		*Losses*			*Value*		*Losses*
	(in thousands)
Fixed maturity securities:
U.S. Governments	$	738	$	(1	)	$	38,063	$	(1,415	)	$	38,801	$	(1,416	)
U.S. States, Territories, and Political Subdivisions		—		—			6,196		(839	)		6,196		(839	)
Special revenue excluding mortgage/asset-backed securities		—		—			26,736		(3,149	)		26,736		(3,149	)
Corporate and other		28,872		(480	)		204,034		(16,717	)		232,906		(17,197	)
Mortgage/asset-backed securities		29,334		(245	)		117,016		(11,457	)		146,350		(11,702	)
Total available-for-sale investments	$	58,944	$	(726	)	$	392,045	$	(33,577	)	$	450,989	$	(34,303	)

The Company reviews all securities with unrealized losses on a quarterly basis to assess whether the decline in the securities fair value necessitates the recognition of an allowance for credit losses. The Company considers numerous factors in its review as described in Footnote 1 of the Notes to the Consolidated Financial Statements in the 2023 Annual Report on Form 10-K.

The Company has recorded an immaterial allowance for credit losses for two investment securities. Based on the Company’s review as of September 30, 2024, for the remainder of securities, the Company determined that the fixed maturity securities’ unrealized losses were primarily the result of the interest rate environment and not the credit quality of the issuers. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before the recovery of their amortized cost basis.

Contractual maturities of available‑for‑sale fixed maturity securities

The amortized cost and fair value of fixed maturity securities at September 30, 2024, by contractual maturity, are shown below.

	*Amortized*		*Fair*
	*Cost*		*Value*
	(in thousands)
Due within one year	$	80,152	$	78,731
Due after one year through five years		183,202		180,227
Due after five years through ten years		176,607		172,654
Due after ten years		101,538		100,767
Mortgage and asset-backed securities		355,276		350,601
	$	896,775	$	882,980

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations.

Net investment income summary

Net investment income is summarized as follows:

	*Three Months Ended*						*Nine Months Ended*
	*September 30,*						*September 30,*
	*2024*			*2023*			*2024*			*2023*
	(in thousands)						(in thousands)
Interest income	$	9,365		$	5,952		$	24,317		$	16,468
Dividend income		220			211			675			602
Investment expense		(177	)		(134	)		(486	)		(380	)
Net investment income	$	9,408		$	6,029		$	24,506		$	16,690

Net realized and unrealized investment gains and losses

The following table presents net realized and unrealized investment gains and losses:

	*Three Months Ended*						*Nine Months Ended*
	*September 30,*						*September 30,*
	*2024*			*2023*			*2024*			*2023*
	(in thousands)						(in thousands)
Realized gains:
Gains on sales of fixed maturity securities	$	42		$	—		$	59		$	65
Total realized gains		42			—			59			65
Realized losses:
Losses on sales of fixed maturity securities		(328	)		—			(330	)		(32	)
Losses on sales of equity securities		—			—			(1,204	)		—
Total realized losses		(328	)		—			(1,534	)		(32	)
Net realized investment (losses) gains		(286	)		—			(1,475	)		33
Change in allowance for credit losses		327			—			—			(667	)
Net unrealized gains (losses) on equity securities		2,434			(1,299	)		7,052			608
Net unrealized gains (losses) on equity method investment		148			(77	)		(118	)		(77	)
Net unrealized gains on other investments		111			—			309			—
Net realized and unrealized gains (losses) on investments	$	2,734		$	(1,376	)	$	5,768		$	(103	)

Realized gains and losses on disposition of investments are based on specific identification of the investments sold on the settlement date.

Proceeds from the sale of fixed maturity securities were $3.2 million and insignificant for the three months ended September 30, 2024 and 2023, respectively.

Proceeds from the sale of fixed maturity securities were $5.4 and $9.8 million for the nine months ended September 30, 2024 and 2023, respectively.

The Company places securities on statutory deposit with certain state agencies to retain the right to do business in those states. These securities are included in available‑for‑sale investments on the balance sheet. As of September 30, 2024 and December 31, 2023, the carrying value of securities on deposit with state regulatory authorities was $7.8 million and $8.6 million, respectively.

The Company has investments in limited partnerships, recorded in the Other Investments line of the Unaudited Condensed Consolidated Balance Sheets. These investments are measured at estimated fair value utilizing a net asset value per share (or its equivalent) as a practical expedient. As of September 30, 2024, the Company had unfunded commitments to invest an additional $50.1 million in these limited partnerships.

Note 7 - Underwriting Information (Tables)

9 Months Ended

Sep. 30, 2024

Disaggregation of Revenue [Table Text Block]

	*Three Months Ended September 30,*										*Nine Months Ended September 30,*
	*2024*					*2023*					*2024*					*2023*
	($ in thousands)										($ in thousands)
			*% of*					*% of*					*% of*					*% of*
	*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*
Product⁽¹⁾
Earthquake	$	135,329		32.6	%	$	113,386		36.1	%	$	376,088		32.2	%	$	314,810		37.5	%
Fronting		84,945		20.5	%		94,954		30.2	%		275,671		23.6	%		266,433		31.8	%
Inland Marine and Other Property		78,734		19.0	%		64,499		20.5	%		249,147		21.3	%		186,983		22.3	%
Crop		59,662		14.4	%		11,627		3.7	%		100,571		8.6	%		12,115		1.4	%
Casualty		56,307		13.6	%		29,532		9.4	%		166,762		14.3	%		58,065		6.9	%
Total Gross Written Premiums	$	414,977		100.0	%	$	313,998		100.0	%	$	1,168,239		100.0	%	$	838,406		100.0	%

	*Three Months Ended September 30,*										*Nine Months Ended September 30,*
	*2024*					*2023*					*2024*					*2023*
	($ in thousands)										($ in thousands)
			*% of*					*% of*					*% of*					*% of*
	*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*
State
California	$	170,265		41.0	%	$	163,806		52.2	%	$	510,879		43.7	%	$	450,752		53.8	%
Texas		27,019		6.5	%		24,336		7.8	%		96,414		8.3	%		72,777		8.7	%
Hawaii		23,171		5.6	%		13,490		4.3	%		53,922		4.6	%		35,824		4.3	%
North Dakota		18,716		4.5	%		2,898		0.9	%		19,893		1.7	%		3,326		0.4	%
Washington		16,828		4.1	%		17,792		5.7	%		41,893		3.6	%		43,409		5.2	%
Wisconsin		15,519		3.7	%		1,211		0.4	%		17,374		1.5	%		3,095		0.4	%
Florida		14,433		3.5	%		11,549		3.7	%		58,153		5.0	%		36,309		4.3	%
Oregon		8,402		2.0	%		8,536		2.7	%		21,253		1.8	%		21,223		2.5	%
Other		120,624		29.1	%		70,380		22.4	%		348,458		29.8	%		171,691		20.5	%
Total Gross Written Premiums	$	414,977		100.0	%	$	313,998		100.0	%	$	1,168,239		100.0	%	$	838,406		100.0	%

	*Three Months Ended September 30,*										*Nine Months Ended September 30,*
	*2024*					*2023*					*2024*					*2023*
	($ in thousands)										($ in thousands)
			*% of*					*% of*					*% of*					*% of*
	*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*
Subsidiary
PSIC	$	236,624		57.0	%	$	186,693		59.5	%	$	652,988		55.9	%	$	497,216		59.3	%
PESIC		159,305		38.4	%		127,305		40.5	%		472,909		40.5	%		341,190		40.7	%
Laulima		19,048		4.6	%		—		—	%		42,342		3.6	%		—		—	%
Total Gross Written Premiums	$	414,977		100.0	%	$	313,998		100.0	%	$	1,168,239		100.0	%	$	838,406		100.0	%

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and include the accounts of the Company and its wholly‑owned subsidiaries. The condensed consolidated financial statements also include the accounts of Laulima, as Laulima is a variable interest entity ("VIE") for which the Company is the primary beneficiary. Within footnote 7, certain prior year amounts have been reclassified to conform to the current year presentation. These condensed consolidated financial statements do not contain all information and footnotes required by U.S. GAAP for complete consolidated financial statements. For a more complete description of the Company’s business and accounting policies, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 23, 2024 (the “2023 Annual Report on Form 10-K”). In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. All intercompany balances and transactions have been eliminated in consolidation. Interim results are not necessarily indicative of results of operations for the full year.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. All revisions to accounting estimates are recognized in the period in which the estimates are revised. Significant estimates reflected in the Company’s condensed consolidated financial statements include, but are not limited to, reserves for losses and loss adjustment expenses, reinsurance recoverables on unpaid losses, and the fair values of investments.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Recently adopted accounting pronouncements The Company has not adopted any new accounting guidance during the nine months ended September 30, 2024. Recently issued accounting pronouncements not* yet adopted* Segment Reporting In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. Income Taxes In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires public business entities to disclose additional information with respect to the reconciliation of the effective tax rate to the statutory rate. Additionally, public business entities will need to disaggregate federal, state and foreign taxes paid in their financial statements. ASU 2023-09 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

Note 2 - Investments - Security Holdings in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Less than 12 Months, fair value	$ 62,567	$ 58,944
Less than 12 Months, Accumulated Loss	(1,477)	(726)
12 Months or Longer, fair value	324,902	392,045
12 Months or Longer, Accumulated Loss	(22,104)	(33,577)
Fair value	387,469	450,989
Accumulated Loss	(23,581)	(34,303)
US Government Agencies Debt Securities [Member]
Less than 12 Months, fair value	16,037	738
Less than 12 Months, Accumulated Loss	(27)	(1)
12 Months or Longer, fair value	15,122	38,063
12 Months or Longer, Accumulated Loss	(633)	(1,415)
Fair value	31,159	38,801
Accumulated Loss	(660)	(1,416)
US States and Political Subdivisions Debt Securities [Member]
Less than 12 Months, fair value	508	0
Less than 12 Months, Accumulated Loss	(8)	0
12 Months or Longer, fair value	6,353	6,196
12 Months or Longer, Accumulated Loss	(670)	(839)
Fair value	6,861	6,196
Accumulated Loss	(678)	(839)
Special Revenue Excluding Asset Backed Securities [Member]
Less than 12 Months, fair value	2,006	0
Less than 12 Months, Accumulated Loss	(282)	0
12 Months or Longer, fair value	23,232	26,736
12 Months or Longer, Accumulated Loss	(2,602)	(3,149)
Fair value	25,238	26,736
Accumulated Loss	(2,884)	(3,149)
Corporate Debt Securities and Other Debt Obligations [Member]
Less than 12 Months, fair value	19,821	28,872
Less than 12 Months, Accumulated Loss	(243)	(480)
12 Months or Longer, fair value	182,025	204,034
12 Months or Longer, Accumulated Loss	(10,837)	(16,717)
Fair value	201,846	232,906
Accumulated Loss	(11,080)	(17,197)
Asset-Backed Securities [Member]
Less than 12 Months, fair value	24,195	29,334
Less than 12 Months, Accumulated Loss	(917)	(245)
12 Months or Longer, fair value	98,170	117,016
12 Months or Longer, Accumulated Loss	(7,362)	(11,457)
Fair value	122,365	146,350
Accumulated Loss	$ (8,279)	$ (11,702)

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2022	25,027,467
Beginning Balance at Dec. 31, 2022	$ 3	$ 333,558	$ (36,515)	$ 87,708	$ 384,754
Other comprehensive income (loss), net of tax	0	0	5,474	0	5,474
Stock-based compensation	$ 0	3,450	0	0	3,450
Issuance of common stock via employee stock purchase plan (in shares)	7,724
Issuance of common stock via employee stock purchase plan	$ 0	394	0	0	394
Issuance of common stock via equity incentive plan (in shares)	41,685
Issuance of common stock via equity incentive plan	$ 0	90	0	0	90
Net income	$ 0	0	0	17,313	17,313
Repurchases of common stock (in shares)	(134,680)
Repurchases of common stock	$ 0	0	0	(6,826)	(6,826)
Balance (in shares) at Mar. 31, 2023	24,942,196
Balance at end of period at Mar. 31, 2023	$ 3	337,492	(31,041)	98,195	404,649
Balance (in shares) at Dec. 31, 2022	25,027,467
Beginning Balance at Dec. 31, 2022	$ 3	333,558	(36,515)	87,708	384,754
Other comprehensive income (loss), net of tax			(6,706)
Net income					53,305
Balance (in shares) at Sep. 30, 2023	24,730,885
Balance at end of period at Sep. 30, 2023	$ 3	345,673	(43,221)	118,879	421,334
Balance (in shares) at Mar. 31, 2023	24,942,196
Beginning Balance at Mar. 31, 2023	$ 3	337,492	(31,041)	98,195	404,649
Other comprehensive income (loss), net of tax	0	0	(3,685)	0	(3,685)
Stock-based compensation	$ 0	3,697	0	0	3,697
Issuance of common stock via employee stock purchase plan (in shares)	0
Issuance of common stock via employee stock purchase plan	$ 0	0	0	0	0
Issuance of common stock via equity incentive plan (in shares)	18,555
Issuance of common stock via equity incentive plan	$ 0	224	0	0	224
Net income	$ 0	0	0	17,562	17,562
Repurchases of common stock (in shares)	(166,482)
Repurchases of common stock	$ 0	0	0	(8,739)	(8,739)
Balance (in shares) at Jun. 30, 2023	24,794,269
Balance at end of period at Jun. 30, 2023	$ 3	341,413	(34,726)	107,018	413,708
Other comprehensive income (loss), net of tax	0	0	(8,495)	0	(8,495)
Stock-based compensation	$ 0	3,589	0	0	3,589
Issuance of common stock via employee stock purchase plan (in shares)	9,356
Issuance of common stock via employee stock purchase plan	$ 0	406	0	0	406
Issuance of common stock via equity incentive plan (in shares)	44,999
Issuance of common stock via equity incentive plan	$ 0	265	0	0	265
Net income	$ 0	0	0	18,432	18,432
Repurchases of common stock (in shares)	(117,739)
Repurchases of common stock	$ 0	0	0	(6,571)	(6,571)
Balance (in shares) at Sep. 30, 2023	24,730,885
Balance at end of period at Sep. 30, 2023	$ 3	345,673	(43,221)	118,879	421,334
Balance (in shares) at Dec. 31, 2023	24,772,987
Beginning Balance at Dec. 31, 2023	$ 3	350,597	(23,991)	144,643	471,252
Other comprehensive income (loss), net of tax	0	0	(2,514)	0	(2,514)
Stock-based compensation	$ 0	3,820	0	0	3,820
Issuance of common stock via employee stock purchase plan (in shares)	9,806
Issuance of common stock via employee stock purchase plan	$ 0	434	0	0	434
Issuance of common stock via equity incentive plan (in shares)	138,267
Issuance of common stock via equity incentive plan	$ 0	1,857	0	0	1,857
Policyholder contribution to surplus	0	427	0	0	427
Net income	$ 0	0	0	26,382	26,382
Balance (in shares) at Mar. 31, 2024	24,921,060
Balance at end of period at Mar. 31, 2024	$ 3	357,135	(26,505)	171,025	501,658
Balance (in shares) at Dec. 31, 2023	24,772,987
Beginning Balance at Dec. 31, 2023	$ 3	350,597	(23,991)	144,643	$ 471,252
Other comprehensive income (loss), net of tax			13,852
Issuance of common stock via employee stock purchase plan (in shares)					17,100
Net income					$ 82,608
Balance (in shares) at Sep. 30, 2024	26,452,242
Balance at end of period at Sep. 30, 2024	$ 3	486,198	(10,139)	227,251	703,313
Balance (in shares) at Mar. 31, 2024	24,921,060
Beginning Balance at Mar. 31, 2024	$ 3	357,135	(26,505)	171,025	501,658
Other comprehensive income (loss), net of tax	0	0	(1,550)	0	(1,550)
Stock-based compensation	$ 0	3,968	0	0	3,968
Issuance of common stock via employee stock purchase plan (in shares)	0
Issuance of common stock via employee stock purchase plan	$ 0	0	0	0	0
Issuance of common stock via equity incentive plan (in shares)	63,578
Issuance of common stock via equity incentive plan	$ 0	2,112	0	0	2,112
Policyholder contribution to surplus	0	689	0	0	689
Net income	$ 0	0	0	25,729	25,729
Balance (in shares) at Jun. 30, 2024	24,984,638
Balance at end of period at Jun. 30, 2024	$ 3	363,904	(28,055)	196,754	532,606
Other comprehensive income (loss), net of tax	0	0	17,916	0	17,916
Stock-based compensation	$ 0	4,117	0	0	4,117
Issuance of common stock via employee stock purchase plan (in shares)	7,294
Issuance of common stock via employee stock purchase plan	$ 0	468	0	0	468
Issuance of common stock via equity incentive plan (in shares)	80,310
Issuance of common stock via equity incentive plan	$ 0	1,064	0	0	1,064
Policyholder contribution to surplus	0	921	0	0	921
Net income	$ 0	0	0	30,497	$ 30,497
Issuance of common stock in stock offering, net of offering costs (in shares)	1,380,000				1,380,000
Issuance of common stock in stock offering, net of offering costs	$ 0	115,724	0	0	$ 115,724
Balance (in shares) at Sep. 30, 2024	26,452,242
Balance at end of period at Sep. 30, 2024	$ 3	$ 486,198	$ (10,139)	$ 227,251	$ 703,313

Note 4 - Reserve for Losses and Loss Adjustment Expenses

9 Months Ended

Sep. 30, 2024

Reserve for Losses and Loss Adjustment Expenses [Text Block]

4. Reserve for Losses and Loss Adjustment Expenses

The following table represents a reconciliation of changes in the ending reserve balances for losses and loss adjustment expenses (“LAE”):

	*Three Months Ended September 30,*						*Nine Months Ended September 30,*
	*2024*			*2023*			*2024*			*2023*
	(in thousands)						(in thousands)
Reserve for losses and LAE net of reinsurance recoverables at beginning of period	$	118,761		$	81,300		$	97,653		$	77,520
Add: Incurred losses and LAE, net of reinsurance, related to:
Current year		40,536			15,116			100,225			50,954
Prior years		(221	)		1,023			(2,642	)		3,742
Total incurred		40,315			16,139			97,583			54,696
Deduct: Loss and LAE payments, net of reinsurance, related to:
Current year		16,153			6,646			27,909			14,215
Prior years		5,649			(1,385	)		30,053			25,823
Total payments		21,802			5,261			57,962			40,038
Reserve for losses and LAE net of reinsurance recoverables at end of period		137,274			92,178			137,274			92,178
Add: Reinsurance recoverables on unpaid losses and LAE at end of period		360,164			232,170			360,164			232,170
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period	$	497,438		$	324,348		$	497,438		$	324,348

Considerable variability is inherent in the estimate of the reserve for losses and LAE. Although management believes the liability recorded for losses and LAE is adequate, the variability inherent in this estimate could result in changes to the ultimate liability, which may be material to stockholders’ equity.

The Company experienced favorable prior year development of $0.2 million and adverse prior year development $1.0 million during the three months ended September 30, 2024 and 2023, respectively.

The Company experienced favorable prior year development of $2.6 million and adverse prior year development of $3.7 million during the nine months ended September 30, 2024 and 2023, respectively.

Favorable prior year development during the three months ended September 30, 2024 was primarily due to lower than anticipated severity of attritional losses. Adverse prior year development during the three months ended September 30, 2023 was primarily due to higher than anticipated severity of attritional losses, offset by lower than anticipated severity of catastrophe losses.

Favorable prior year development during the nine months ended September 30, 2024 was primarily due to lower than anticipated severity of attritional losses. Adverse prior year development during the nine months ended September 30, 2023 was primarily due to higher than anticipated severity of attritional losses, offset by lower than anticipated severity of catastrophe losses.

Note 11 - Credit Agreements

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Text Block]

11. Credit Agreements

U.S. Bank Credit Agreement

In December 2021, the Company entered into a Credit Agreement with U.S. Bank National Association which provides a revolving credit facility of up to $100 million through December 8, 2026. Interest on the credit facility accrues on each SOFR rate loan at the applicable SOFR (as defined in the Credit Agreement) plus 1.75% and on each base rate loan at the applicable Alternate Base Rate (as defined in the Credit Agreement) plus 0.75%. A loan may be either a SOFR rate loan or a base rate loan, at the Company’s discretion. Outstanding amounts under the Credit Agreement may be prepaid in full or in part at any time with no prepayment premium and may be reduced in full or in part at any time upon prior notice. In addition to interest on funds borrowed, the Company must pay an unused line fee of 0.25% on any amounts not borrowed.

The Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants, including, among other things, financial covenants, restrictions on indebtedness, liens, investments, mergers, dispositions, prepayment of other indebtedness and dividends and other distributions. The financial covenants include requirements to maintain a permissible debt to capital ratio, a minimum consolidated net worth, a minimum risk-based capital ratio and minimum A.M. Best financial strength rating. The Credit Agreement also contains customary events of default, such as non-compliance with financial covenants. If an event of default occurs, any debt may be declared immediately due and payable. As of September 30, 2024, the Company was in compliance with all debt covenants.

As of September 30, 2024 and December 31, 2023, the Company had no borrowings outstanding on the Credit Agreement. Interest expense on the Credit Agreement was $0.1 million and $0.3 million for the three and nine months ended September 30, 2024, respectively. Interest expense on the Credit Agreement was $0.1 million and $0.9 million for the three and nine months ended September 30, 2023, respectively.

FHLB Line of Credit

The Company’s PSIC subsidiary is a member of the Federal Home Loan Bank of San Francisco (“FHLB”). Membership in the FHLB provides PSIC access to collateralized advances, which can be drawn for general corporate purposes and used to enhance liquidity management. All borrowings are fully secured by a pledge of specific investment securities of PSIC and the borrowing capacity is equal to 10% of PSIC’s statutory admitted assets. All advances have a predetermined term and the interest rate varies based on the term of the advance.

As of September 30, 2024, the Company had no borrowings outstanding through the FHLB. Interest expense on the FHLB line of credit was immaterial and $0.8 million for the three and nine months ended September 30, 2024, respectively. As of December 31, 2023, the Company had $52.6 million of borrowings outstanding through the FHLB at the overnight rate of 5.62%. Interest expense on the FHLB line of credit was $0.8 million and $2.1 million for the three and nine months ended September 30, 2023, respectively.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Note 5 - Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Text Block]

5. Stockholders’ Equity

As of September 30, 2024 and December 31, 2023, the Company had 5,000,000 preferred shares authorized with a par value of $0.0001 and no preferred shares issued and outstanding. As of September 30, 2024 and December 31, 2023, the Company had 500,000,000 common shares authorized and 26,452,242 and 24,772,987 common shares issued and outstanding, respectively, with a par value of $0.0001. Additional paid in capital was $486.2 million as of September 30, 2024 and $350.6 million as of December 31, 2023.

In August 2024, the Company completed a registered sale ( August 2024 Secondary Offering) of 1,380,000 shares of common stock at a public offering price of $88.00 per share, inclusive of 180,000 shares sold pursuant to the underwriter’s option to purchase additional shares. Our net proceeds from the August 2024 Secondary Offering were approximately $115.7 million, after deducting underwriting discounts and commissions and offering costs.

Common stock reserved for future issuance

Common stock reserved for future issuance consists of the following as of September 30, 2024:

Stock options outstanding under 2019 Equity Incentive Plan			641,856
Restricted stock units outstanding under 2019 Equity Incentive Plan			340,899
Performance stock units outstanding under 2019 Equity Incentive Plan, at target			461,520
Shares authorized for future issuance under 2019 Equity Incentive Plan			3,674,358
Shares authorized for future issuance under 2019 Employee Stock Purchase Plan			1,353,670
Total			6,472,303

Stock based compensation

The below table summarizes the Company’s stock-based compensation expense for each period presented:

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2024*		*2023*		*2024*		*2023*
	(in thousands)				(in thousands)
Stock-Based Compensation	$	4,117	$	3,589	$	11,905	$	10,737

Stock-based compensation expense is recognized on a straight-line basis over the vesting period of equity-based awards. For performance stock units (“PSUs”), any changes to expense resulting from differences in actual performance versus target are recognized over the remaining vesting period of the awards. The Company does not apply a forfeiture rate to unvested awards and accounts for forfeitures as they occur. All stock-based compensation is included in other underwriting expenses in the Company’s unaudited condensed consolidated statement of income and comprehensive income.

2019 Equity Incentive Plan

On April 16, 2019, the Company's 2019 Equity Incentive Plan (the “2019 Plan”) became effective. The 2019 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance shares and units, and other cash-based or share-based awards. In addition, the 2019 Plan contains a mechanism through which the Company may adopt a deferred compensation arrangement in the future.

A total of 2,400,000 shares of common stock were initially authorized and reserved for issuance under the 2019 Plan. This reserve increases on January 1 of each year through 2029 by an amount equal to the smaller of: 3% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, or an amount determined by the board of directors.

Stock Options

Recipients of stock options can purchase shares of the Company’s common stock at a price equal to the stock's fair market value on the grant date, determined by the closing price of the Company's common stock on the grant date. Stock options vest over a period between two and four years with between 25% and 50% vesting on the first anniversary of the grant date and the remainder vesting monthly over the remaining period, subject to continued service to the Company. Stock options expire ten years after the grant date.

The following table summarizes stock option transactions for the nine months ended September 30, 2024:

	*Number of shares*			*Weighted-average exercise price*		*Weighted-average remaining contractual term (in years)*		*Aggregate intrinsic value (in thousands)*
Outstanding at January 1, 2024		807,685		$	34.31		—	$	—
Options granted		—			—
Options exercised		(155,078	)		32.46
Options cancelled		(10,751	)		78.61
Outstanding at September 30, 2024		641,856		$	34.01		5.1	$	31,660
Vested and Exercisable at September 30, 2024		627,982		$	33.54		5.1	$	31,298

As of September 30, 2024, the Company had approximately $0.3 million of total unrecognized stock-based compensation expense related to stock options expected to be recognized over a weighted-average period of 0.4 years.

Restricted Stock Units

RSUs are valued using the closing price of the Company’s common stock on their grant date. The Company has issued RSUs with vesting periods of one to five years. All vesting is subject to continued service.

The following table summarizes RSU transactions for the nine months ended September 30, 2024:

	*Number of shares*			*Weighted-average grant date fair value*
Outstanding at January 1, 2024		332,077		$	61.07
Granted		136,556			68.13
Released		(114,432	)		58.94
Forfeited		(13,302	)		53.85
Non-vested outstanding at September 30, 2024		340,899		$	64.90

As of September 30, 2024, the Company had approximately $16.8 million of total unrecognized stock-based compensation expense related to RSUs expected to be recognized over a weighted-average period of 1.9 years.

Performance Stock Units

The Company issues PSUs with a combination of service, performance, and market conditions.

The majority of PSUs were issued via grants made to certain executives during 2021. These PSUs are earned based on the achievement of stock price milestones. If the Company’s stock price reaches and remains at certain milestones for 30 days, the PSUs shall become earned units and will vest upon completion of a requisite service period of approximately five years from the date of grant. As of September 30, 2024, none of the stock price milestones have been achieved.

For other PSUs outstanding, vesting of PSUs requires a period of future service and the number of shares that vest depends on performance relative to predetermined targets of the Company’s Gross Written Premiums and Adjusted Return on Equity as set by the Compensation Committee. Prior to 2023, the PSU’s performance period was the fiscal year of the grant. Beginning in 2023, the PSU’s performance period is primarily a three-year period beginning with the grant date. At the end of the performance period, the actual results are measured against the predetermined targets to determine the number of PSUs to be earned as compensation. The earned PSUs are also subject to a required service period of approximately three years from the grant date before vesting and being issued as common stock.

The following table summarizes PSU transactions for the nine months ended September 30, 2024:

	*Number of shares*			*Weighted-average grant date fair value*
Outstanding at January 1, 2024		423,621		$	38.90
Granted		57,012			65.78
Vested		(12,645	)		96.74
Forfeited		(6,468	)		51.44
Non-vested outstanding at September 30, 2024		461,520		$	40.46

The PSU grants above represent the number of shares that would vest based on achievement of all stock price milestones in the 2021 executive stock grants and the 100% achievement of the predetermined performance conditions for the other PSU grants. The actual number of PSUs which will vest is subject to adjustment based on the Company’s actual stock price performance and financial performance relative to the predetermined targets. As of September 30, 2024, the Company had approximately $9.1 million of total unrecognized stock-based compensation expense related to PSUs expected to be recognized over a weighted-average period of 1.9 years.

2019 Employee Stock Purchase Plan

On April 16, 2019, the Company's 2019 Employee Stock Purchase Plan (the “2019 ESPP”) became effective. A total of 240,000 shares of common stock are initially authorized and reserved for issuance under the 2019 ESPP. In addition, the 2019 ESPP provides for annual increases in the number of shares available for issuance on January 1 of each year through 2029, equal to the smaller of 240,000 shares of the Company’s common stock or such other amount as may be determined by the board of directors.

Under the 2019 ESPP, employees can purchase Company stock at a discount via payroll withholdings. The 2019 ESPP is administered through employee participation in discrete offering periods. During each discrete offering period employee funds are withheld, and the stock purchase occurs upon the conclusion of the offering period. The Company issued 17,100 shares pursuant to the ESPP during the nine months ended September 30, 2024.

Share repurchases

In January 2022, Company's the Board of Directors approved a share repurchase program which replaced the existing program and authorized the repurchase of up to $100 million of outstanding shares of common stock. The program ended on March 31, 2024 and no shares have been repurchased in 2024. The Company accounts for share repurchases by charging the excess of repurchase price over the common stock’s par value entirely to retained earnings. All repurchased shares are retired and become authorized but unissued shares.

The entire disclosure for equity.

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